UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
Economy
Egypt to receive first batch of Iranian tourists in era of restored ties
Tehran, Iran-- After years of frosty relations between the two countries, Egypt and Iran are set to restore ties with...
- According to the Egypitan tourism minister, Iranian tourists will arrive in the country and visit southern coasts of Sinai, Nubia and Taba
- Haitham bin Tariq, the Sultan of Oman, played a pivotal role as a mediator in ending years of enmity between Egypt and Iran
Business
Top Middle East bankers leave Credit Suisse for HSBC
Dubai, UAE - Credit Suisse Qatar CEO Aladdin Hangari is joining HSBC. Patrick D’Amico, a Zürich based Credit Suisse Managing...
- HSBC is a dominant player in the Middle East for commercial and private clients
- The bank is set to expand its coverage of ultra-rich clients across the MENA region
Economy
Iraq to pay for Iranian gas imports with oil: Iraqi PM
The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed...
- Iran cut its supply of gas to Iraq by nearly half some ten days back because of unpaid bills of more than $12 billion
- Gas stoppages have worsened the frequent power outages in much of Iraq during the hot summer months
Economy
UAE signs air transport services agreement with Austria to boost trade
Vienna, Austria-- Looking to ramp up trade and business relations, the United Arab Emirates has signed an air transport services...
- UAE's ambassador to Austria said that the signing of the agreement will enhance relations, creating new opportunities for trade between the two countries
- The Austrian official said the agreement will benefit transport companies in both countries and support the tourism sector, apart from boosting trade
Business
OECD urges wealthy nations to prepare for ‘AI revolution’ impact
Paris, France - The world's wealthiest nations must urgently prepare for the impact of an imminent "AI revolution" that will change...
- "While there are many potential benefits from AI, there are also significant risks that need to be urgently addressed," said the OECD
- The OECD said it was "vital" to gather better data on AI uptake and use in the workplace, and its effects on the job sector
Geostrategy
Meta loses more: Zuckerberg takes threads fight to European Union
Threads, billed as the killer of Twitter, a platform that has tumbled into chaos under the leadership of mercurial tycoon...
- Meta said it could not be released in Europe because of "regulatory uncertainty" around the Digital Markets Act
- Analysts believe Meta will give Threads to the rest of the world and Europeans will become so vexed at missing out that they will pressure the EU to water down the Act.
Business
Wall Street stocks up amid signs of broadening in equity market
New York, United States - Wall Street stocks mostly rose early Tuesday amid signs of greater broadening in the equity market...
- Energy and materials were two other sectors showing early gains, while technology was lower. Tech gains were at the heart of the stock market's buoyant first semester of 2023.
- Markets are looking ahead to Wednesday's consumer price index report, a critical data point for the upcoming US Federal Reserve decision.
Business
Invictus plans $272m expansion
The company will invest through acquisitions and JVs.
- Abu-Dhabi Securities Exchange-listed Invictus is a prominent trader with growing business in the African markets.
- Invictus recently reported completing over one million metric tons of agro-commodity exports to Egypt during 2023.
Foxconn pulls from $19.4 bn deal in India to make semiconductors
The plan was to boost New Delhi's self-reliance in the technology supply chain, given that semiconductors are an essential component...
- Foxconn and Vedanta signed in September to set up a chip factory in India's Gujarat state but on Thursday Taiwanese firm said both parties mutually agreed to part ways
- Vedanta did not confirm pull-out, it said that it is fully committed to its semiconductor fab project, adding that there are other partners in line to set up India's first foundry
Business
Taaleem nine-month revenue up 30.3%
The revenue for the period ended May 2023 reached $193m.
- Taaleem's net profit grew marginally by 1 percent YoY to reach 28.2 percent, while the like-for-like net profit margin saw a 2.4 percent YoY improvement.
- The growth in net profit is primarily attributed to the operational efficiency and increasing enrollment in the company's Premium schools portfolio.
Company News
Saudi EVIQ unveils R&D facility
Business
Nissan to export EVs globally
Business
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Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
Business
Saudi Arabia, China ink MoU in accounting and auditing
RIYADH, SAUDI ARABIA – The Kingdom and the People’s Republic of China signed on Monday in Beijing a memorandum of...
Geostrategy
China Construction Bank lists $600m green bond in Nasdaq Dubai
DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC...
Business
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Business
DEWA unveils new distribution substations
It commissioned 1,414 substations of 11kv in Dubai.
- The CEO of DEWA said the construction of the substations and related tasks resulted in a total of 996,648 man-hours
- He said DEWA is planning to boost the transmission and distribution networks based on electricity demand forecast until 2030
Business
GCC’s cybersecurity dynamics: The two sides of AI
In the GCC's evolving cybersecurity realm, AI integration is crucial, driving economic growth and transforming defense strategies against complex cyber...
- In the GCC's evolving cybersecurity realm, AI integration is crucial, driving economic growth and transforming defense strategies against complex cyber threats.
- The region's AI strategy in cybersecurity strikes a balance between innovative growth and managing ethical dilemmas, ensuring powerful yet responsible use.
Geostrategy
Five killed in clashes near Lebanon border
JERUSALEM -Â Three fighters who crossed into Israel from Lebanon and two Israelis were killed in clashes and a strike...
- The Israel-Lebanon border has seen near-daily exchanges of fire between Iran-backed Hizbollah group and Israeli forces.
- Hizbollah leader Hassan Nasrallah, in a televised speech said the Israelis had "failed" to achieve any of its goals in Gaza.